If your mortgage is under an FHA loan, there may be FHA loan modification options open to you. Many homeowners who are uninformed but on the road to foreclosure fear that FHA home loans are ineligible for modification, but under the Housing and Economic Recovery Act passed in 2008, FHA lenders were given the permission and funding to accommodate loan modification.
What guidelines are in place for this government-sponsored program? While there are specific criteria regarding your situation that will be examined for approval, there are basic guidelines that one must meet in order to apply.
Your home must be your primary residence where you live more than 50% of the time. The amount you owe on the loan must be $729,750 or less. You must be having financial hardship. This means an increase in the payment, decrease in your income, or increase in other expenses since you first signed the mortgage loan.
The Detroit Free Press first reported on Fannie's foreclosure scandal, releasing thousands of confidential documents between Fannie Mae and lenders. The documents, which detailed new rules for lenders working with Fannie Mae, urged lenders to take more dramatic steps with borrowers drastically behind on their mortgage payments. The most astounding on the new rules for banks tacitly implies that lenders stop dragging their feet and foreclosure on seriously delinquent mortgages.
The FHA loan modification program under the Housing and Economic Recovery Act has fallen flat on its face since its launch in October, helping only handfuls of families across the country. No progress towards recovery for the housing market can be made unless loan modification is made more accessible for those who have property covered by FHA loans.
What guidelines are in place for this government-sponsored program? While there are specific criteria regarding your situation that will be examined for approval, there are basic guidelines that one must meet in order to apply.
Your home must be your primary residence where you live more than 50% of the time. The amount you owe on the loan must be $729,750 or less. You must be having financial hardship. This means an increase in the payment, decrease in your income, or increase in other expenses since you first signed the mortgage loan.
The Detroit Free Press first reported on Fannie's foreclosure scandal, releasing thousands of confidential documents between Fannie Mae and lenders. The documents, which detailed new rules for lenders working with Fannie Mae, urged lenders to take more dramatic steps with borrowers drastically behind on their mortgage payments. The most astounding on the new rules for banks tacitly implies that lenders stop dragging their feet and foreclosure on seriously delinquent mortgages.
The FHA loan modification program under the Housing and Economic Recovery Act has fallen flat on its face since its launch in October, helping only handfuls of families across the country. No progress towards recovery for the housing market can be made unless loan modification is made more accessible for those who have property covered by FHA loans.
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